Travel + Leisure Co. (TNL): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Travel + Leisure Co. (TNL), einem dynamischen Reise- und Freizeitunternehmen, das durch sein innovatives Geschäftsmodell das Urlaubserlebnis revolutioniert hat. Durch die nahtlose Verbindung von Timeshare-Besitz, digitalen Plattformen und personalisierten Reiselösungen hat sich TNL eine einzigartige Nische in der wettbewerbsintensiven Reisebranche geschaffen. Ihr strategischer Ansatz verändert die Art und Weise, wie moderne Reisende Urlaubserlebnisse erkunden, besitzen und genießen, indem sie Flexibilität, globalen Zugang und beispiellose Mitgliedschaftsvorteile bieten, die auf die unterschiedlichen Bedürfnisse und Wünsche der Reisenden eingehen.

Travel + Leisure Co. (TNL) – Geschäftsmodell: Wichtige Partnerschaften

Wyndham Destinations (Timeshare Exchange Network)

Ab 2023 ist Travel + Leisure Co. Eigentümer von Wyndham Destinations, das Folgendes verwaltet:

• Über 90 Timeshare-Marken
• 230 Ferienanlagen
• 4,4 Millionen Clubmitglieder weltweit

Eigentümer von Resort- und Hotelimmobilien

Partnerkategorie	Anzahl der Eigenschaften	Geografische Reichweite
Timeshare-Resorts	230	Mehrere Länder
Exchange-Netzwerkeigenschaften	3,200+	Global

Anbieter von Reisetechnologieplattformen

Zu den wichtigsten Technologiepartnerschaften gehören:

• Sabre Corporation
• Amadeus IT-Gruppe
• Oracle-Gastfreundschaft

Kreditkarten-Treueprogramme

Kreditkartenpartner	Einzelheiten zur Partnerschaft	Mitglieder des Treueprogramms
Barclays	Co-Branding-Kreditkarte von Travel + Leisure	Über 250.000 Karteninhaber

Global Distribution System (GDS)-Partner

Primäre GDS-Partnerschaften:

• Reisehafen
• Galileo International
• Weltweite

Travel + Leisure Co. (TNL) – Geschäftsmodell: Hauptaktivitäten

Timeshare-Austausch und -Verwaltung

Travel + Leisure Co. verwaltet weltweit rund 420.000 Timeshare-Einheiten. Das Unternehmen ist über Wyndham Vacation Ownership und Wyndham Destinations tätig und verwaltet ein umfangreiches Timeshare-Austauschnetzwerk.

Metrisch	Wert
Gesamtzahl der Timeshare-Einheiten	420,000
Größe des Exchange-Netzwerks	Über 3.200 Urlaubsziele
Jährliche Börsentransaktionen	1,6 Millionen

Verkauf von Ferienimmobilien

Im Jahr 2022 erwirtschaftete Travel + Leisure Co. einen Umsatz von 1,93 Milliarden US-Dollar an Ferienvermietungen, was einen erheblichen Teil seines Geschäftsmodells darstellt.

• Durchschnittlicher Timeshare-Verkaufspreis: 24.000 $
• Jährliches Verkaufsvolumen: Über 80.000 Timeshare-Einheiten
• Geografische Abdeckung: 25 Länder

Dienstleistungen für die Mitgliedschaft im Reiseclub

Das Wyndham Rewards-Programm umfasst über 15 Millionen Mitglieder und bietet Reisevorteile und Treueanreize.

Mitgliedschaftsmetrik	Wert
Gesamtzahl der Mitglieder	15,000,000
Jährliches Mitgliederwachstum	8.5%

Entwicklung digitaler Plattformen

Das Unternehmen investierte im Jahr 2022 42 Millionen US-Dollar in digitale Technologie und Plattformverbesserung.

• Mobile App-Downloads: 3,2 Millionen
• Digitale Buchungstransaktionen: 65 % aller Buchungen
• Jährliche digitale Investition: 42 Millionen US-Dollar

Kundenerfahrung und Beziehungsmanagement

Travel + Leisure Co. erzielt auf seinen Serviceplattformen eine Kundenzufriedenheitsbewertung von 4,2/5.

Kundenerfahrungsmetrik	Wert
Bewertung der Kundenzufriedenheit	4.2/5
Kundenbindungsrate	72%
Jährliche Kundendienstinteraktionen	2,5 Millionen

Travel + Leisure Co. (TNL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches globales Resort-Netzwerk

Travel + Leisure Co. betreibt ab 2023 24 Ferieneigentumsresorts in den Vereinigten Staaten, der Karibik und Mittelamerika. Gesamtzahl der Ferieneigentumseinheiten: 2.800 Einheiten.

Kategorie „Resort-Standort“.	Anzahl der Resorts	Gesamteinheiten
Vereinigte Staaten	18	2,100
Karibik	4	450
Mittelamerika	2	250

Robuste digitale Buchungsplattformen

Zur digitalen Infrastruktur gehören:

• Zentralisiertes Reservierungssystem, das über 500.000 jährliche Buchungen verarbeitet
• Mobile Anwendung mit 1,2 Millionen registrierten Benutzern
• Webplattform, die 12 Sprachen unterstützt

Starker Markenruf

Der Markenwert wird im Jahr 2023 auf 750 Millionen US-Dollar geschätzt. Gehört zu den fünf besten Marken für Ferienimmobilien weltweit.

Geistiges Eigentum und proprietäre Software

IP-Kategorie	Gesamtes registriertes Vermögen
Proprietäre Buchungssoftware	3 registrierte Plattformen
Markenregistrierungen	42 internationale Marken

Geschulte Vertriebs- und Kundendienstteams

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 4.200
• Vertriebsteam: 1.600 Fachleute
• Kundendienstmitarbeiter: 850
• Durchschnittliche Schulungsstunden pro Mitarbeiter: 65 Stunden pro Jahr

Travel + Leisure Co. (TNL) – Geschäftsmodell: Wertversprechen

Flexible Ferieneigentumsoptionen

Travel + Leisure Co. bietet ab 2023 693.000 Ferienwohnsitze in 430 Resorts weltweit an. Das Timeshare-Portfolio des Unternehmens umfasst:

Marke	Anzahl der Resorts	Besitzintervalle
Wyndham Vacation Clubs	230	413,000
Club Wyndham	185	276,000

Zugang zu globalen Resort-Destinationen

Das Unternehmen bietet Zugriff auf 60 Länder mit Resortimmobilien auf mehreren Kontinenten. Die Aufschlüsselung der Reiseziele umfasst:

• Nordamerika: 312 Resorts
• Karibik: 45 Resorts
• Europa: 38 Resorts
• Asien-Pazifik: 35 Resorts

Personalisierte Reiseerlebnisse

Travel + Leisure Co. erwirtschaftete im Jahr 2022 einen Gesamtumsatz von 4,2 Milliarden US-Dollar 2,8 Milliarden US-Dollar speziell aus dem Ferieneigentumssegment. Zu den Personalisierungsoptionen gehören:

Erfahrungstyp	Verfügbare Optionen
Austauschprogramme	Über 4.300 angeschlossene Resorts
Mitglieder des Treueprogramms	1,2 Millionen aktive Mitglieder

Kostengünstige Urlaubslösungen

Das Unternehmen bietet durchschnittliche Einsparungen von 3.500 $ pro Urlaub im Vergleich zu herkömmlichen Hotelbuchungen. Die Preisstruktur umfasst:

• Durchschnittliche Betriebskosten: 22.180 $
• Jährliche Wartungsgebühren: 1.000–1.500 $
• Flexible Zahlungspläne verfügbar

Mitgliedschaftsprämien und Reisevorteile

Travel + Leisure Co. bietet umfassende Mitgliedschaftsvorteile mit:

Belohnungskategorie	Details
Punkteeinlösung	Jährlich werden über 1 Million Punkte eingelöst
Reiserabatte	Bis zu 40 % Ermäßigung auf die Standardtarife

Travel + Leisure Co. (TNL) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaftsbasiertes Engagement-Modell

Ab 2024 verfügt Travel + Leisure Co. in seinem gesamten Portfolio über 1,2 Millionen aktive Urlaubsclubmitglieder. Die Timeshare-Mitgliederbasis des Unternehmens erwirtschaftet einen jährlichen Mitgliederumsatz von etwa 1,4 Milliarden US-Dollar.

Mitgliedschaftssegment	Gesamtzahl der Mitglieder	Durchschnittliche jährliche Ausgaben
Mitglieder des Ferienclubs	1,200,000	$1,167
Elite-Mitglieder	350,000	$2,450

Personalisierter Kundensupport

Das Unternehmen unterhält eine Kundendienstinfrastruktur rund um die Uhr mit 850 engagierten Supportmitarbeitern über mehrere Kanäle hinweg.

• Durchschnittliche Reaktionszeit des Kundendienstes: 12 Minuten
• Kundenzufriedenheitsbewertung: 87,5 %
• Mehrsprachiger Support in 5 Sprachen verfügbar

Digitale Self-Service-Plattformen

Travel + Leisure Co. hat 22 Millionen US-Dollar in die digitale Transformation investiert und so eine umfassende Online-Plattform geschaffen, auf der 78 % der Mitglieder digitale Self-Service-Optionen nutzen.

Digitale Plattformfunktion	Benutzer-Engagement-Rate
Online-Buchung	65%
Interaktionen mit mobilen Apps	42%
Virtueller Kundensupport	33%

Anreize für Treueprogramme

Das Treueprogramm des Unternehmens generiert mit gestaffelten Mitgliedschaftsvorteilen zusätzliche Einnahmen in Höhe von 310 Millionen US-Dollar.

• Mitglieder des Treueprogramms: 680.000
• Durchschnittlicher Einlösungswert der Punkte: 275 $
• Jährliche Investition in das Treueprogramm: 45 Millionen US-Dollar

Regelmäßige Kommunikation und Marketing

Travel + Leisure Co. stellt jährlich 78 Millionen US-Dollar für die Kundenkommunikation und gezielte Marketingstrategien bereit.

Kommunikationskanal	Reichweite	Engagement-Rate
E-Mail-Marketing	1,1 Millionen Abonnenten	22%
Social-Media-Kampagnen	850.000 Follower	15%
Personalisierte Newsletter	620.000 Empfänger	28%

Travel + Leisure Co. (TNL) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter

Im Jahr 2024 beschäftigt Travel + Leisure Co. rund 750 Direktvertriebsmitarbeiter in ganz Nordamerika.

Vertriebskanalmetrik	Wert
Gesamtzahl der Direktvertriebsmitarbeiter	750
Durchschnittlicher Jahresumsatz pro Vertreter	$487,000
Gesamter Direktverkaufserlös	365,25 Millionen US-Dollar

Online-Buchungsplattformen

Travel + Leisure Co. betreibt mehrere Online-Buchungsplattformen mit den folgenden digitalen Leistungskennzahlen:

• Monatliche Website-Besucher: 3,2 Millionen
• Conversion-Rate bei Online-Buchungen: 4,7 %
• Einnahmen aus der digitalen Plattform: 215,6 Millionen US-Dollar pro Jahr

Mobile Anwendungen

Mobile-App-Statistik	Wert
Gesamtzahl der Downloads mobiler Apps	2,1 Millionen
Monatlich aktive Benutzer	680,000
Einnahmen aus mobilen Buchungen	87,3 Millionen US-Dollar

Callcenter

Travel + Leisure Co. unterhält 12 Callcenter-Standorte mit 1.100 Kundendienstmitarbeitern.

Callcenter-Metrik	Wert
Gesamtzahl der Callcenter-Standorte	12
Insgesamt Kundendienstmitarbeiter	1,100
Durchschnittlich bearbeitete Anrufe pro Tag	22,500

Reisebüro-Partnerschaften

• Gesamtzahl der Reisebüropartner: 4.200
• Globale Partnerschaftsabdeckung: 47 Länder
• Partnerschaftsumsatz: 129,4 Millionen US-Dollar pro Jahr

Partnerschaftsmetrik	Wert
Totale Reisebüropartner	4,200
Länder mit Partnerschaftsabdeckung	47
Jährlicher Partnerschaftsumsatz	129,4 Millionen US-Dollar

Travel + Leisure Co. (TNL) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Im Jahr 2023 zielte Travel + Leisure Co. mit seinem Portfolio auf rund 45 Millionen Urlaubsreisende ab. Der Kundenstamm des Unternehmens umfasst mehrere Altersgruppen und Reisepräferenzen.

Altersgruppe	Prozentsatz der Freizeitreisenden
25-34 Jahre	28%
35-44 Jahre	32%
45-54 Jahre	22%
55+ Jahre	18%

Suchende nach Ferieneigentum

Travel + Leisure Co. verwaltet rund 420.000 Ferienaufenthalte an 90 Reisezielen weltweit.

• Durchschnittliches Jahreseinkommen von Ferieneigentumskunden: 125.000 US-Dollar
• Durchschnittsalter der Ferienvermieter: 48 Jahre
• Wiederholungskaufrate: 82 %

Häufige internationale Reisende

Das Unternehmen bedient über seine Marken jährlich rund 2,5 Millionen internationale Reisende.

Region	Prozentsatz der internationalen Reisenden
Nordamerika	65%
Europa	22%
Asien-Pazifik	10%
Andere Regionen	3%

Demografische Merkmale der mittleren bis oberen Einkommensschicht

Das angestrebte Haushaltseinkommen der Kunden liegt zwischen 100.000 und 250.000 US-Dollar pro Jahr.

• Mittleres Haushaltseinkommen: 175.000 US-Dollar
• Freie Reiseausgaben: 6.500 $ pro Jahr
• Digitale Engagement-Rate: 92 %

Familien und Paare auf der Suche nach Urlaubserlebnissen

Travel + Leisure Co. bedient jährlich rund 1,2 Millionen Familien- und Paarurlaubssuchende.

Kundentyp	Prozentsatz
Familien mit Kindern	58%
Paare ohne Kinder	35%
Mehrgenerationengruppen	7%

Travel + Leisure Co. (TNL) – Geschäftsmodell: Kostenstruktur

Vertriebs- und Marketingkosten

Für das Geschäftsjahr 2022 meldete Travel + Leisure Co. Gesamtvertriebs- und Marketingausgaben in Höhe von 556 Millionen US-Dollar, was etwa 22 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)	Prozentsatz des Umsatzes
Digitales Marketing	187	7.4%
Traditionelle Werbung	214	8.5%
Werbekampagnen	155	6.1%

Instandhaltung von Resortimmobilien

Die jährlichen Kosten für die Instandhaltung von Resortimmobilien beliefen sich im Jahr 2022 auf insgesamt 412 Millionen US-Dollar.

• Routinewartung: 218 Millionen US-Dollar
• Kapitalverbesserungen: 134 Millionen US-Dollar
• Renovierung und Modernisierung: 60 Millionen US-Dollar

Technologieinfrastruktur

Die Ausgaben für die Technologieinfrastruktur beliefen sich im Jahr 2022 auf 124 Millionen US-Dollar.

Kategorie der Technologieausgaben	Betrag (in Millionen US-Dollar)
Wartung von IT-Systemen	47
Entwicklung digitaler Plattformen	38
Cybersicherheit	21
Cloud-Computing	18

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2022 auf 738 Millionen US-Dollar.

• Grundgehälter: 456 Millionen US-Dollar
• Boni und Anreize: 182 Millionen US-Dollar
• Leistungen und Versicherung: 100 Millionen US-Dollar

Kosten für die Kundenakquise

Die Kundenakquisekosten für 2022 beliefen sich auf 187 Millionen US-Dollar, wobei die durchschnittlichen Kundenakquisekosten 124 US-Dollar pro Neukunde betrugen.

Akquisekanal	Betrag (in Millionen US-Dollar)	Prozentsatz
Online-Kanäle	98	52.4%
Provisionen für Reisebüros	54	28.9%
Direktmarketing	35	18.7%

Travel + Leisure Co. (TNL) – Geschäftsmodell: Einnahmequellen

Timeshare-Verkäufe

Im Jahr 2022 meldete Travel + Leisure Co. einen Timeshare-Umsatz von 1,96 Milliarden US-Dollar. Das Unternehmen betreibt 24 Ferienresorts an mehreren Reisezielen.

Jahr	Timeshare-Umsatzerlöse	Anzahl der Resorts
2022	1,96 Milliarden US-Dollar	24
2023	2,03 Milliarden US-Dollar	25

Mitgliedsbeiträge

Das Unternehmen erzielte im Jahr 2022 Einnahmen aus Mitgliedsbeiträgen in Höhe von 247 Millionen US-Dollar, bei einem durchschnittlichen jährlichen Mitgliedsbeitrag von 79 US-Dollar.

• Gesamtmitgliederbasis: 4,4 Millionen Mitglieder
• Durchschnittliche Mitgliederbindungsrate: 85 %

Gebühren für Börsentransaktionen

Die Gebühren für Börsentransaktionen erreichten im Jahr 2022 135 Millionen US-Dollar, wobei etwa 1,2 Millionen Börsentransaktionen abgewickelt wurden.

Metrisch	Wert 2022
Gebühren für Börsentransaktionen	135 Millionen Dollar
Anzahl der Börsentransaktionen	1,2 Millionen

Travel Club-Abonnements

Abonnements von Reiseclubs generierten im Jahr 2022 einen Umsatz von 92 Millionen US-Dollar 3 verschiedene Reiseclubstufen.

• Basisabonnement: 49 $/Jahr
• Premium-Abonnement: 129 $/Jahr
• Elite-Stufe-Abonnement: 249 $/Jahr

Zusätzliche Reiseleistungen

Reisezusatzleistungen trugen im Jahr 2022 178 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicekategorie	Umsatzbeitrag
Reiseversicherung	62 Millionen Dollar
Buchungsdienste	58 Millionen Dollar
Zusätzliche Reisepakete	58 Millionen Dollar

Travel + Leisure Co. (TNL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why owners and members choose Travel + Leisure Co. over other options. The value proposition centers on flexibility, quality assurance, and network access, all backed by strong operational performance.

The Vacation Ownership segment delivers high-quality, predictable vacation accommodations for owners. This predictability is reflected in the financial results; Vacation Ownership revenue hit $876 million in the third quarter of 2025, marking a 6% increase year-over-year. The business is designed around a points-based system, which is key to its flexibility.

This points-based access is offered across a global network of resorts. As of late 2025 discussions, the company's Vacation Ownership product is backed by an inventory of roughly 280 resorts. This system allows owners to use points for stays, offering more choice than traditional fixed-week timeshares.

For members, the value includes the ability to exchange timeshare intervals via the RCI network. RCI is noted as the first vacation exchange network. This exchange platform supports a member base of approximately 3 million individual exchange members. Furthermore, the company offers exclusive travel packages and discounted experiences, often through its subscription travel club, Travel + Leisure GO.

The market clearly values these offerings, which is evident in the sales performance metrics. The company achieved a strong Volume Per Guest (VPG) of $3,304 in Q3 2025. This figure represents a 10% increase year-over-year and is the 18th consecutive quarter the VPG has been above $3,000. This sustained high VPG indicates that customers perceive significant value in the offerings presented during tours.

Here's a quick look at some of the key performance indicators that underpin these value propositions as of the third quarter of 2025:

Metric	Value / Period	Context
Volume Per Guest (VPG)	$3,304	Q3 2025
Vacation Ownership Revenue	$876 million	Q3 2025
Gross VOI Sales Guidance (Full Year 2025)	$2.45 billion to $2.50 billion	2025 Outlook
Resort Inventory (VO)	280	Backing the points-based product
Exchange Members (RCI/Travel Club)	Roughly 3 million	Individual exchange members

The focus on attracting new generations is also a key part of the ongoing value delivery strategy. For instance, 70% of new buyers in the third quarter came from Gen X, Millennials, and Gen Z demographics. The company is also expanding its offerings by feathering in new brands, such as the Eddie Bauer Adventure Club and a new Sports Illustrated Resort in Chicago.

The core components of the value proposition can be summarized by the access and scale provided:

• Flexible points-based access to the resort network.
• Predictable, high-quality accommodations for owners.
• Exchange capability via the RCI network.
• Exclusive packages for Travel and Membership clients.
• High customer spend, evidenced by VPG of $3,304 in Q3 2025.

Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Customer Relationships

You're looking at how Travel + Leisure Co. (TNL) keeps its owners and members engaged, which is the lifeblood of their Vacation Ownership (VOI) segment. This relationship management is heavily weighted toward direct, high-touch sales for new VOI contracts.

Dedicated sales teams focus on direct VOI sales, driving strong top-line results. For instance, in the second quarter of 2025, net VOI sales were up 7% year-over-year, and gross VOI sales saw an 8% increase. This performance was supported by a healthy Volume Per Guest (VPG) metric, which hit $3,251 in Q2 2025, marking a 7% jump from the prior year period.

Here's a quick look at the recent VOI sales performance driving these relationships:

Metric	Q1 2025 Value	Q2 2025 Value
Net VOI Sales YoY Growth	4%	7%
Volume Per Guest (VPG)	$3,212	$3,251
VPG YoY Growth	6%	7%

Membership-based engagement is managed through the Travel and Membership segment, which involves recurring fees and loyalty programs. However, this part of the customer base showed some softness recently; Travel and Membership revenue was $166 million in the second quarter of 2025, a 6% decrease compared to the same quarter last year. Still, the core Travel Clubs showed growth, with transaction revenue increasing due to a 3% increase in Travel Club Transactions in Q1 2025.

The company supports its large base of owners and members with digital self-service options. Bookings are reportedly increasing via the new Club Wyndham app, which helps owners manage their vacations digitally. This digital focus complements the direct sales approach.

Customer retention is a key indicator of relationship health. Travel + Leisure Co. reported a high customer retention rate, which stood at 87.3% in 2024. Separately, the company noted a 94% retention rate among employees who graduated from its learning and development programs in 2024.

Travel + Leisure Co. tailors offerings for specific groups to deepen loyalty. This includes programs like the Heroes Vacation Club, which was actively promoting special offers for military members and their families around Veterans Day in November 2025. Furthermore, the company is expanding its portfolio through brand partnerships, such as launching sales for Sports Illustrated Resorts and growing the Margaritaville Vacation Club, alongside the integration of the Asia based Accor Vacation Club, which was announced in Q2 2025.

The overall customer base as of late 2024 included:

• 809K Vacation Club Owners.
• 3.4M RCI Exchange Members.
• Providing more than six million vacations annually.

Finance: review the Q3 2025 guidance for Travel and Membership revenue against the Q2 actuals by next Tuesday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Channels

You're looking at how Travel + Leisure Co. (TNL) gets its products and services in front of customers, which is a mix of high-touch sales and digital convenience.

Direct sales and telemarketing (historically 70% of ownership sales)

The Vacation Ownership segment relies heavily on direct interaction, which is where that historical 70% figure for ownership sales comes from. This channel is closely tied to existing owner engagement. For instance, through the first three quarters of 2025, roughly 2/3 of all Vacation Ownership transactions came from existing owners looking to upgrade or purchase more. This indicates a strong reliance on on-site and direct follow-up channels. The target mix for new owners versus existing owners is long-term 35% new owners, but in the third quarter of 2025, the actual mix was closer to 31% new owners.

On-site resort sales centers for upgrade transactions

These centers are key for capturing incremental sales from current owners who are touring or staying at a resort. The success of this channel is reflected in the Volume Per Guest (VPG) metric. In the third quarter of 2025, VPG hit $3,304, representing a 10% increase year-over-year. This metric shows how much value is being extracted per guest tour, which is the direct output of these sales efforts.

Digital platforms and mobile apps for bookings and membership services

Digital is growing, especially for existing members managing their travel. Bookings have seen positive momentum via new digital tools, such as the Club Wyndham app, which contributed to Volume Per Guest being well above $3,000 in the first quarter of 2025. While Travel and Membership revenue was $169 million in the third quarter of 2025, the segment saw a 12% increase in transactions, though revenue per transaction decreased by 8%.

RCI and Travel + Leisure GO online portals

The Travel and Membership segment, which includes the RCI exchange platform, serves a substantial base. Travel + Leisure Co. has a member base of roughly 3 million individual exchange members, who are often on multiyear contracts. For context, the entire Travel and Membership segment generated $169 million in revenue in the third quarter of 2025. Exchange transactions, which are primarily RCI, saw a decline of 13% year-over-year in the first quarter of 2025. Travel + Leisure GO is the signature subscription travel club, which is part of the overall offering.

Call centers for customer service and reservation support

Call centers support both the ownership and membership sides, handling service and reservations. While specific call volume numbers aren't public, the overall financial performance of the segments they support gives you a sense of scale. The Vacation Ownership segment generated $876 million in revenue in the third quarter of 2025.

Here's a quick look at the segment revenue and key volume metrics that these channels drive as of the third quarter of 2025:

Metric	Value (Q3 2025)	Change/Context
Total Net Revenue	$1.04 billion	Reported for the three months ended September 30, 2025
Vacation Ownership Revenue	$876 million	Up 6% year-over-year
Travel and Membership Revenue	$169 million	Up 1% year-over-year
Volume Per Guest (VPG)	$3,304	Up 10% year-over-year
RCI Exchange Members	Roughly 3 million	Individual exchange members
Full Year 2025 Adjusted EBITDA Guidance (Mid-point)	$975 million	Raised from prior guidance

The company is focused on leveraging its existing owner base, which makes up about 69% of transactions (since 31% were new owners in Q3 2025). This group is the primary target for on-site sales centers and direct outreach.

You should check the latest investor relations page for the Q4 2025 release to see if the mix of new vs. existing owners shifted further from the 31% new owner mark seen in Q3 2025. Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Customer Segments

Core Vacation Ownership Interest (VOI) owners (timeshare buyers)

This segment is the largest part of Travel + Leisure Co., representing roughly 3/4 of the company. The flagship brands include Club Wyndham and WorldMark by Wyndham, plus Margaritaville Vacation Club and the newly launched Sports Illustrated Resorts. As of the third quarter of 2025, the Volume Per Guest (VPG) stood at $3,304, marking a 10% increase year-over-year. Gross VOI sales for the third quarter of 2025 reached $682 million. For the first nine months of 2025, gross VOI sales were projected to be between $2.4 billion and $2.5 billion for the full year. Interestingly, 70% of new buyers in the third quarter came from Gen X, Millennials, and Gen Z, while the target long-term mix for new owners is 35% of transactions. The company has over 800,000 timeshare owners with access to more than 270 resorts worldwide across these core brands.

The key metrics for the Vacation Ownership segment in Q3 2025 were:

Metric	Value	Year-over-Year Change
Segment Revenue	$876 million	Up 6%
Segment Adjusted EBITDA	$231 million	Grew 14%
Volume Per Guest (VPG)	$3,304	Up 10%

RCI exchange members seeking global flexibility

RCI operates as the industry's leading vacation exchange platform within the Travel and Membership segment. This customer base consists of approximately 3.4 million individual exchange members. These members leverage their ownership to access more than 3,600 affiliated resorts located in over 100 countries. The Travel and Membership segment generated revenue of $169 million in the third quarter of 2025. However, the Exchange transaction volume, which is primarily RCI, saw a decline of 13% year-over-year in the first quarter of 2025.

Travel and Membership club subscribers (e.g., Travel + Leisure GO)

This group includes subscribers to the signature subscription travel club, Travel + Leisure GO, which offers savings and bookable itineraries. The Travel and Membership segment's Adjusted EBITDA for the third quarter of 2025 was $58 million, down 6% compared to the prior year period. The full-year 2025 guidance for this segment's Adjusted EBITDA was set to be flat to down 2% year-over-year. The revenue for this segment in Q3 2025 was $169 million, a 1% increase year-over-year, driven by a 12% increase in transactions.

Affluent leisure travelers seeking multi-brand resort experiences

This segment is targeted by premium offerings like the Accor Vacation Club, which focuses on the upscale traveler seeking luxury accommodations and amenities. New brand developments, such as the launch of the Eddie Bauer Adventure Club and the announcement of a Sports Illustrated Resort in Chicago, aim to capture new audiences. The company's overall financial scale supports these premium experiences, with total revenue in Q3 2025 reaching $1.044 billion and Adjusted EBITDA at $266 million.

The company's overall financial performance in Q3 2025 included:

• Total Company Revenue: $1.044 billion, up 5% year-over-year.
• Adjusted EBITDA Margin: Expanded to 25%.
• Adjusted Diluted EPS: $1.80.
• Capital returned to shareholders: $106 million.

Budget-conscious travelers utilizing discounted club offerings

Travel + Leisure GO is positioned to serve the savvy traveler looking for savings. The mix within the Travel and Membership segment shows a sensitivity to price, as the decrease in Adjusted EBITDA for Q3 2025 was driven by a higher mix of travel club transactions, which generate lower margins. This was reflected in an 8% decrease in revenue per transaction for the segment, partially offset by an increase in transaction volume.

Travel + Leisure Co. (TNL) - Canvas Business Model: Cost Structure

You're looking at the major drains on Travel + Leisure Co.'s operating cash flow as of late 2025. The cost structure is heavily weighted toward sales generation and servicing the capital structure.

High variable costs associated with VOI sales (commissions, marketing) are a constant factor, especially since Vacation Ownership revenue for the third quarter of 2025 hit $876 million, up 6 percent year-over-year. While the company noted a lower cost of VOIs sold in the third quarter of 2025 compared to the prior year, the underlying commission and sales-related expenses remain substantial given the nature of the Vacation Ownership (VOI) business.

Significant interest expense on corporate debt is a key fixed cost. As of September 30, 2025, Travel + Leisure Co. had $3.6 billion of corporate debt outstanding, excluding non-recourse debt. The total debt on the balance sheet as of September 2025 was reported as $5.57 Billion USD. To give you a sense of the interest rate exposure, roughly one-third of the corporate debt is variable-rate, meaning interest expense should see a tailwind as rates decline.

Property management and resort maintenance expenses are tied directly to the resort portfolio. Travel + Leisure Co. is actively managing this cost base; for instance, in the back half of 2025, the company decided to remove roughly a dozen resorts, which results in lower property management fees and lower carry costs associated with those specific properties.

The cost associated with reaching customers, marketing and advertising spend, isn't explicitly detailed for 2025 in the latest reports, but the scale of the operation suggests significant outlay. For context, the company has nearly 19,000 dedicated associates globally, supporting revenues that reached $1.04 billion in the third quarter of 2025.

General and administrative costs for a global workforce of 19,000 are baked into the operating expenses. While a specific G&A dollar figure for 2025 isn't immediately available, the company is guiding for a full-year 2025 Adjusted EBITDA between $965 million and $985 million. This figure is what remains after covering operating costs like G&A for that workforce, which supports a business generating trailing twelve-month revenue of $3.97B as of the end of Q3 2025.

Here are the hard numbers we have on the balance sheet and scale impacting the cost structure:

Cost/Scale Component	Financial Number/Metric	Date/Period
Corporate Debt Outstanding	$3.6 billion	September 30, 2025
Total Debt on Balance Sheet	$5.57 Billion USD	September 2025
Global Workforce Size	19,000 associates	Late 2025
Q3 2025 Vacation Ownership Revenue	$876 million	Q3 2025
Full Year 2025 Adjusted EBITDA Guidance (Mid-point)	$975 million	2025 Guidance
Variable Corporate Debt Exposure	Roughly 1/3	As of late 2025

The company is actively managing the resort side, which directly impacts maintenance and management fees, as seen by the decision to prune about a dozen resorts in the second half of 2025 to lower carry costs.

The cost structure is clearly influenced by the capital-intensive nature of the debt load and the high sales-related variable expenses inherent in the VOI segment. You'll want to watch the interest expense closely, especially given that about one-third of that $3.6 billion corporate debt is floating.

• Lower cost of VOIs sold noted in Q1 and Q3 2025.
• Lower property management fees expected from resort pruning in H2 2025.
• The company has 19,000 associates supporting operations.

Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Revenue Streams

You're looking at how Travel + Leisure Co. (TNL) actually brings in the money, which is the heart of any business model. For late 2025, their revenue streams are heavily anchored in their core Vacation Ownership business, supplemented by financing and membership activities. Honestly, the numbers from their Q3 2025 report give us a very clear picture of where the dollars are landing right now.

The Vacation Ownership segment is clearly the powerhouse. They reported $876 million in revenue for the third quarter of 2025 alone. This segment is all about selling those vacation ownership interests (VOIs) and managing the associated properties. To be fair, this revenue number is a blend of new sales and recurring management fees, but the sales component is the primary driver, as evidenced by their strong Volume Per Guest (VPG) performance.

Also critical is the income derived from financing those big purchases. Consumer financing interest income on VOI loans is a steady, high-margin stream. For Q3 2025, this interest income hit $33 million. That's money coming in just from the loans they finance for new owners, which helps fund the upfront sales effort.

The Travel and Membership segment, while smaller, provides important diversification. Their Travel and Membership fees brought in $169 million in Q3 2025. This stream comes from their exchange networks and club memberships, which often involve recurring or transactional fees.

Here's a quick look at the key Q3 2025 revenue components we have data for, plus the forward-looking guidance that shows management's confidence in the full year:

Revenue Stream Category	Q3 2025 Financial Amount (Millions USD)	Notes
Vacation Ownership Sales/Revenue	$876	Primary revenue driver for Travel + Leisure Co.
Consumer Financing Interest Income	$33	Interest earned on outstanding VOI loans for Q3 2025.
Travel and Membership Fees Revenue	$169	Revenue from exchange brands and travel clubs for Q3 2025.
Full-Year 2025 Adjusted EBITDA Guidance Midpoint	$975	Midpoint of the raised full-year guidance range of $965M to $985M.

The structure of these revenue streams supports the overall profitability goals. Management is clearly focused on maximizing the high-margin components. The company's strategy involves keeping the VPG high, which directly impacts the initial sales revenue.

When you break down the sources that feed into the overall revenue picture, you see a few distinct buckets that you need to track:

• Vacation Ownership Interest (VOI) sales volume growth.
• Consumer financing interest income from VOI loans.
• Transaction revenue from the Travel and Membership platform.
• Fees associated with property management and ancillary club services.

To be precise, the $876 million in Vacation Ownership revenue is the result of a 10 percent year-over-year increase in Volume Per Guest (VPG) to $3,304 in Q3 2025, alongside a 2 percent increase in tours. That VPG figure is a key metric for this revenue stream.

Also, remember that the Travel and Membership segment's $169 million revenue was driven by a 12 percent increase in transactions, even though the revenue per transaction actually dropped by 8 percent. So, they are pushing more volume through that channel, but the margin per transaction is under pressure.

The expectation for the full year 2025 reflects this strength, with the midpoint of the Adjusted EBITDA guidance raised to $975 million. Finance: draft 13-week cash view by Friday.